India, Australia And Japan Likely To Set Up Trilateral Framework To Boost Trade And Investment, Address BarriersIndia, Japan And Australia's flags

In a big boost to the trilateral engagement between India, Australia and Japan, the three nations are set to institute a framework to address trade and investment barriers along with trade and investment promotion, reports Economic Times.

The three nations are looking to undertake the initiative as a part of the Supply Chain resilience Initiative (SCRI) under which they are looking to set up industrial parks, a mechanism to address resolution of trade and investment barriers, a streamlined risk management system, improved sea and air connectivity among them, digitisation of trade documents and exchange of regulatory information to improve transparency.

In line with the above plan, the three nations are also on course to finalise a track 1.5 dialogue which would involve the industries and academia apart from the governments to bolster the trilateral ties.

Also, it should be noted that the three nations have already identified at least 10 product and service categories to focus on. These include bulk drugs, pharmaceuticals and medical devices, auto and auto components, petroleum and petrochemicals, steel and tourism, information technology and financial services.

First proposed by Japan with the intent of reducing the dependence on China, the SCRI seeks to build upon existing frameworks like the ASEAN-Japan Economic Resilience Action Plan and India-Japan Industrial Competitiveness Partnership.

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